USDCAD recently reversed up from the support area located between the key support level 1.39000 (which stopped the previous (a)-wave n March), lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward impulse wave from the start of January. The upward reversal from this support area started the active corrective wave (ii). Given the strongly bullish US dollar sentiment seen today – USDCAD is likely to rise further toward the next resistance level 1.41400 (target price for the completion of the active corrective wave (ii)). Strong support remains at the support level 1.39000.
